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If you do not have any assets or a job how do you pay off your credit card debt?
Wiki User
∙ 8y ago
Under the given circumstances the consumer would probably be termed "judgment proof." Meaning a lawsuit would be futile for the creditor. Some creditors will file suit anyway. To obtain a judgment, for possible collection of the debt in the future. Some judgments are valid for ten years and can be renewed. The consumer can send a "judgment proof" letter to creditors letting them know legal action would be pointless. This is sometimes effective, especially if the debtor can supply proof of their status.
Wiki User
∙ 8y ago
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Mother is deceased all assets are in a trust fund can credit card debt claim assets?
I do not know the fine points of the law. However, it seems to me that the logical thing to do is to pay off the credit card and any other debt that your mother incurred. You can contact the credit card company and ask. You may need to send them a copy of her death certificate.
Does your credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
Can credit card companies force heirs to sell real estate after a death?
If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.
In Missouri is the surviving spouse liable for credit card debt?
The estate is responsible for any outstanding credit card bills. But the assumption is that the wife inherits the husband's assets. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
How do you avoid paying credit card debt?
* Leave the country * Change your identity * Hide in the backwoods * Die * Be declared insolvent or bankrupt. * Never run up any credit card debt.
Are you responsible for your deceased parent's credit card debt?
If the estate has any assets, the estate should pay for the debt before anything is passed on to the heirs. If there are no assets the credit card company will just have to write it off. You are not held responsible unless you co-signed for the card.
Mother is deceased all assets are in a trust fund can credit card debt claim assets?
I do not know the fine points of the law. However, it seems to me that the logical thing to do is to pay off the credit card and any other debt that your mother incurred. You can contact the credit card company and ask. You may need to send them a copy of her death certificate.
In the U.K.your husband has passed away are you responsible for paying his credit card debt if his name is the only one on his credit card account?
The "you" who would be responsible for his credit card debt would be the benefactors of his estate. In most states, that automatically goes to the wife. I would check with an attorney before liquidating any assets to pay the debt.
Who is responsible for credit card dept after cardholder dies?
If you are not a joint account holder you are not responsible for the debt. The debt will be included in any probate hearings. The court will then decide which debts (if any) are paid out of the estate assets.
Does your credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
Does credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
Is credit card debt a crime?
No, credit card debt is a unsecured debt. Unsecured debt refers to any type of debt or general obligation that is not collateralized.Hope this helps,My Plastic Walletwww.myplasticwallet.com
Will credit card companies reduce the balance owed upon death?
Credit card debt is not passed on to heirs when a loved one dies, but it can still affect you. When someone dies with debt, credit card companies will first try to collect from the deceased's estate. If there is not enough money in the estate, heirs may have to sell assets from the estate in order to cover the liabilities. So, even though the heirs are not directly responsible for the debt, they may have to sell assets they were expecting to keep in order to repay the deceased's financial obligations. If, after assets are sold, there still is not enough money in the estate to cover the remaining debt, the company that issued the credit card will write off the debt. Usually, a death certificate is required as proof. Family members are not legally liable for any debt. Be careful, however, if you are a joint account holder on a credit card. If you have a card in common with someone, you are responsible for the debt on that account if the other account holder dies.
Would my mother's children be liable for any credit card debt she had at the time of her death?
Your mother's estate is responsible for her credit card debt.
Can a credit card company take your car in NYS?
Yes they can ! You entered into a legally-binding contract with the card company when you applied for the card. If you default on the repayments, that contract allows the card company to seize any assets you own. They can then sell your assets and use the money raised to repay YOUR DEBT !
Can credit card companies force heirs to sell real estate after a death?
If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.
How little does your credit card debt have to be for the credit card company to charge it off as uncollectible?
any amount due them
